TotalEnergies shares gain after acquisition of Finnish waste oil company: Details – TotalEnergies (NYSE:TTE)

TotalEnergie SE TTE The company’s shares are trading higher after the company announced the acquisition of Tecoil, a Finnish company specializing in the production of re-refined base oils (RRBO).

Tecoil currently operates a production plant in Hamina, Eastern Finland, which can produce 50,000 tonnes of RRBO per year.

Tecoil has set up its own circular economy network across Europe to collect used lubricants and supply the plant.

Tecoil uses a process called “re-refining” to optimize used oils and improve their properties to achieve properties comparable to those of the highest quality virgin base oils.

Also read: TotalEnergies sells some North Sea assets: details

They significantly reduce the carbon footprint of lubricants while maintaining performance standards approved by many car manufacturers.

TotalEnergies, with 42 lubricant manufacturing plants worldwide, is a partner in the automotive, industrial and marine markets with innovative products and services.

In June 2024, the company launched the first series of lubricants using the highest quality regenerated base oils: Quartz EV3R for passenger cars and Rubia EV3R for trucks.

Last month, TotalEnergies signed an agreement to acquire a 60% interest and operational control of Block STP02 from Agência Nacional do Petroléo de S. Tomé e Principé (ANP-STP).

Investors can gain exposure to TTE through First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF KEAT.

Reduction:TTE shares rose 2.47% to $68.33 in pre-market trading, the last valuation on Monday.

Reservation: This content was prepared in part using AI tools and was reviewed and published by Benzinga editors.